Almonty Industries Financials and NI 43-101 Technical Report on Sangdong Mine

Almonty Industries Inc. (“Almonty” or the “Company”) (AII.V) today announced the filing of its unaudited interim consolidated financial statements and management discussion & analysis (“MD&A”) as at and for the three and nine-month periods ended June 30^th, 2016. Unless otherwise indicated, all currency amounts contained in this news release are in thousands of Canadian dollars.

Highlights for the Quarter and year-to-date:

• Los Santos Mine turning cash positive despite low tungsten price
• Extension of mine life at Los Santos via discovery of additional 456,570 tonnes of ore at 0.28% grade of WO3 (approximately 1 year of additional mine life) inside the optimized pit designs
• Production costs at Panasqueira continue to decrease to near break-even levels and mined grades continuing to improve
• Wolfram Camp transition on schedule, lower operating costs expected when production resumes
• Increased ownership of Valtreixal to 51%
• Signed Letter of Commitment with the Korean Development Bank (“KDB”) for KRW 50,000,000 (CAD$57.9 million) for the build-out of the Sangdong Mine
• Raised over $6.6 million in equity year to date in three separate financings
• Entered into a Revised Heads of Agreement to acquire ATC Alloys Ltd

The following financial information is as at and for the three and nine months ended June 30^th, 2016, and 2015 and the three months ended March 31^st, 2016:

Lewis Black, President & CEO of Almonty said, “We believe this quarter represents the turning point, both in terms of the rebound in the price of APT and Almonty’s continued cost control at its mining operations. Q3 2016 is the first quarter that Almonty was able to turn a profit from mining operations since the price of APT fell below US$200 per MTU. Our continued focus on cost control is paying off and we have reduced our EBIT loss to less than 50% of the loss from Q2 2016.

We have made significant progress across all of our operations and are moving forward with the repositioning of the Wolfram Camp operations and the planned acquisition of ATC Alloys Limited.

We are also pleased to be able to file the updated NI 43-101 technical report on Sangdong demonstrating a significant improvement in the resource, both in terms of tonnage and grade of ore and are arranging debt and equity financing in order to continue our development of this project as we work towards its planned commissioning in 2017.”

Qualified Person
The amended Technical Reports filed today were prepared by Adam Wheeler, an independent mining consultant. Mr. Wheeler is an independent Qualified Person for the purposes of NI 43-101 and has prepared and/or approved the scientific and technical disclosure contained in this news release.

About Almonty
The principal business of Almonty is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 51% of, and has an irrevocable option to acquire a 100% ownership interest in, the Valtreixal tin-tungsten project in northwestern Spain. Further information about Almonty’s activities may be found at www.almonty.comand under Almonty’s profile at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. This press release contains forward-looking statements and information including, without limitation, Los Santos turning cash positive, comments regarding the Company’s belief that this quarter represents the turning point in the commodity price cycle, production costs at Panasqueira continue to decrease, Wolfram Camp transition on schedule with lower costs expected when operations resume, our continued focus on cost control is paying off; and, arranging equity and debt financing to continue our development of Sangdong and work towards its planned commissioning in 2017. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.